Although, the company said it expects to complete the second tranche at a later date, the offer was actually expired and it's no longer a stumbling block to proceed with drilling, metallurgical test wrok and upgrading 43-101 report with the money they have beginning next month.

Now we are waiting for assay results of drillings done at MacFauld's and Beauce and the next one on the table would be Lac Lamalee in the same scenario.

Vancouver's Candero Resource received US $100 million for less than 1 billion tonnes of iron ore when the price was less 15-20% than now. Resource estimate at Magpie is one billion tonnes at 43 per cent Fe and 11 per cent TiO2 to start with.